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Olive Branch realtor warns mortgage rates and rising costs have cut local purchasing power nearly in half
Summary
Local realtor Tracy Kirkley told the Olive Branch Board of Aldermen on Nov. 4 that average home prices and mortgage rates have pushed monthly principal-and-interest payments roughly $1,000 higher than in 2021, reducing sales volume and new-construction activity and straining entry-level housing supply.
Tracy Kirkley, a local realtor, told the Olive Branch Board of Aldermen on Nov. 4 that a combination of higher mortgage rates and rising construction costs has substantially reduced local buying power and slowed the housing market.
Kirkley said the average Olive Branch home price rose from $316,000 in 2021 to $379,000 in 2025 while mortgage rates climbed from roughly 2.9% to about 6.6%. "That same home ... their monthly payment is now $2,178," she said, compared with about $1,184 in 2021. "The purchasing power has been cut almost in half in the last five years."
Why it matters: Kirkley said the price-and-rate shift has reduced moves, transactions and new construction—factors…
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